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Channel Metrics: Consumer Distribution Trends in UK Financial Services - Overview Report
Finaccord, Feb 2010, Pages: 350
The Channel Metrics series is the most detailed and up-to-date guide to distribution trends in consumer financial services in the UK available on a published basis. It covers 28 separate retail financial products and services, giving it a unique level of detail and information on products that are ignored elsewhere.
It analyses: how consumers acquire these products and services - e.g. online, telephone, post or in person; from whom they acquire them - e.g. direct from the provider, through intermediaries or affinity schemes; and how often they acquire them - i.e. how many consumers acquired a product in the last year, either for the first time or by switching provider instead of renewing or carrying on with an existing product. Findings from this survey are compared with those from 2005 and 2007 to show trends over time.
Each of the 28 products is covered by its own briefing, while an overview report features them all plus additional, comparative analysis of distribution trends. Overall, the Channel Metrics series offers detailed and unique insights into trends in usage of distribution interfaces and channels across 28 distinct financial products and services - with a dedicated briefing having been produced for each - as follows: Car and home - motor insurance, breakdown recovery insurance, extended warranties (for cars), household insurance, home emergency insurance; life and health - life insurance, critical illness insurance, private medical insurance, dental insurance, health / hospital cash plans, personal accident insurance; banking products and associated insurance - mortgages, mortgage payment protection insurance, personal loans, loan payment protection insurance, car finance contracts, credit cards, prepaid cards, travel money; niche insurance - annual travel insurance, single trip travel insurance, pet insurance, mobile telephone insurance, extended warranties (for electronic appliances); savings and investments - interest-bearing savings deposits, cash ISAs, Child Trust Funds, personal / stakeholder pensions.
Key questions addressed by the research include the following.
- How has the credit crisis affected sales and switching?
- Has it hurt some channels more than others?
- What is the ‘brand stretch’ of commercial partners?
- Which products can a supermarket sell?
- Can automotive associations such as the AA and RAC stretch from breakdown recovery to home emergency insurance?
- Does the Post Office brand and branch ‘footprint’ work for all products?
- Is the advance of online aggregators from general insurance into banking succeeding?
- Is customer loyalty increasing or decreasing?
- Is there a ‘ceiling’ to switching rates?
- What financial products are still sold face-to-face, and is this on the decline across the board?
- What is the impact of packaged bank accounts on the distribution of products bundled with them?
- What are the distribution trends for rarely researched products such as car finance contracts, Child Trust Funds, dental insurance, extended warranties, home emergency insurance and prepaid cards?
Channel Metrics: Consumer Distribution Trends in UK Financial Services is based on the results of an online survey of c. 2,500 consumers arranged by Tpoll during November and December 2009.
Who can use the research?
1. Banks, building societies and credit card issuers: assess what volume of sales you should make as a direct provider and as an intermediary, to see which products you should seek to promote and through which interface;
2. Insurance companies: understand trends across the five distribution interfaces, to see which products are becoming ‘Internet only’ and which can be distributed by other means;
3. All financial providers: evaluate which types of distribution partner are the most viable for your product range, and how this is changing;
4. Affinity and commercial partners: for organisations ranging from automotive associations to trade unions and from catalogue retailers to supermarkets, this research will show you which products consumers are most - and least - likely to buy from you;
5. Management consultancies: are you helping a financial services company or an affinity/commercial partner with its distribution strategy? Understand channel metrics across a broad range of financial services, saving time and effort on researching the subject yourself
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